Rental income from giving out commercial properties for compensation as per MOA is business income

DCIT Vs Jay Properties Private Limited (ITAT Mumbai) ITAT Mumbai held that rental income from giving out commercial properties for compensation as per Memorandum of Association (MOA) is to be treated as ‘business income’ and not as ‘income from house property’. Facts- The assessee company is engaged in the business of dealing in real estate properties, development, construction, etc and was investing funds in properties directly or indirectly by acquisition of shares or by joint ventures. The assessee company also had earnings from taking on compensation, commercial properties and givi...